It seems like SBF is in the news every week lately, as is Goldman Sachs. Also making news this week we have Ramp getting into BNPL and blockchain making inroads on Wall Street. Here are what I consider to be the top ten fintech news stories of the past week.
The 30-Year-Old Spending $1 Billion to Save Crypto from The Wall Street Journal – Sam Bankman-Fried (aka SBF), the founder and CEO of FTX, has become a crucial lifeline to many companies in the crypto space. In this in-depth piece, we learn how many companies FTX has helped and what it has meant for the industry.
Goldman Sachs Should Kill Its Planned Marcus Checking Account from Forbes – Ron Shevlin thinks Goldman should just cancel the project completely, arguing that the role of the checking account has changed and it is no longer the center of consumers’ financial lives. He thinks Goldman should be putting more effort into Marcus Insights (formerly Clarity Money).
Ramp will now let businesses flexibly finance bills from TechCrunch – Ramp has launched a B2B BNPL offering called Flex that allows their customers to finance any invoice paid through their bill pay feature. There are 30, 60, and 90 days options available, it is now live for select customers with the expectation of a general rollout over the coming months.
As Crypto Slumps, Goldman Sachs Aims for a Wall Street Built on Blockchain from The Wall Street Journal – Goldman Sachs and JPMorgan are already processing live trades on blockchain-based systems with Goldman building up their digital assets group to 70 full-time employees. JPMorgan launched its Onyx blockchain-based trading system in 2020 and it has already processed $350 billion worth of trade repos.
A showdown is coming over who is liable for P2P payments fraud from American Banker – The CFPB is expected to issue guidance on fraud that occurs on P2P payments platforms such as Zelle. Consumers have protection when fraud occurs in credit or debit card purchases and the CFPB is expected to propose similar protections for P2P payments, which will likely result in a barrage of lawsuits.
Five months after a $55M Series B, fintech Argyle cuts jobs from TechCrunch – Another week, another fintech company doing layoffs. While there was no announcement, TechCrunch is reporting that Argyle is laying off 20 people or 6.5% of its workforce. It looks like it is more about a realignment within the company as there are still 30 open positions.
Every Thursday afternoon, the Fintech Nexus News team and a special guest discuss the news of the week live on LendIt TV, YouTube, LinkedIn, and Twitter. We have now made the show available in podcast format – click on the audio player below.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.